The Scottsdale–based for-profit managed care company reaffirmed its guidance for several financial metrics.
Magellan Health posted a net loss of $17.3 million, according to the company's earnings report released Thursday morning.
While net revenue slid 1.1%, the company's net revenue from continuing operations rose 1%, due to "growth in the Pharmacy Management segment, partially offset by a decline in the Healthcare segment."
However, Magellan's segment profit fell 25.3%, adjusted net income dropped 78.1%, and adjusted earnings per share declined 80%.
Still, the Scottsdale–based for-profit managed care company reaffirmed its guidance for several financial metrics, including: "revenue, segment profit, adjusted net income, and adjusted earnings per share."
"I am encouraged by the significant progress we continue to make in our journey to re-imagine Magellan Health, and I am pleased we remain on track to deliver on our commitments for 2020," Kenneth Fasola, CEO of Magellan, said in a statement. "Our success is, in no small part, based on the efforts of our dedicated Magellan associates who have responded to the needs of our members and clients during the pandemic."
The company's appointment of David Bourdon as CFO, which was announced in its Q2 earnings report, became official on September 3.
The other major development for the company was its announced partnership with Livongo Health, a telemedicine company, to "collaborate on new product innovations for behavioral health."
For complete financial information, review Magellan Health's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: KIEV, UKRAINE - Jan 3, 2019: Magellan Health Managed care company logo seen displayed on smart phone - Image / Editorial credit: IgorGolovniov / Shutterstock.com